All Articles Tagged "America’s unemployment"
(New York Times) – President Obama has not been particularly successful in fostering the creation of jobs. But he thinks he has found a way to pry open doors in the workplace for many of the unemployed, especially those who have been out of work for a long time. Mr. Obama’s jobs bill would prohibit employers from discriminating against job applicants because they are unemployed. Under the proposal, it would be “an unlawful employment practice” if a business with 15 or more employees refused to hire a person “because of the individual’s status as unemployed.” Unsuccessful job applicants could sue and recover damages for violations, just as when an employer discriminates on the basis of a person’s race, color, religion, sex or national origin. White House officials see discrimination against the unemployed as a serious problem. In a radio interview last month, Mr. Obama said such discrimination made “absolutely no sense,” especially at a time when many people, through no fault of their own, had been laid off.
It’s not just the unemployed that worry about job security. Those with jobs are increasing growing afraid that they too lack job security, and that their monthly pay checks may soon be replaced with the dreaded pink slip.
Msnbc.com reports on a recent Gallup Poll that reveals 30 percent of workers are worried about getting laid off. This percentage is about the same as the fears in August 2009 and a little higher than the fears of 2010. Economists expect that the new fears are a result of August’s unemployment report that shows although the economy has added jobs since last month, the growth has come incredibly slow.
Sylvia Allegretto, an economist with the Institute for Research on Labor and Employment at the University of California Berkeley, acknowledges that the job growth rate is nowhere near where it should be to lift the US out of its current situation.
It’s understandable, she tells msnbc.com, why those with jobs would be concerned, as the job market continues its slow growth. In addition to the slow rate of job growth, congress’ highly publicized debt ceiling battle and the resulting downgrade decision made by Standard & Poor, didn’t help to assuage the American public’s fear of job insecurity.
The fear is sure to negatively impact the struggling economy. Naroff Economic Advisors’ Joel Naroff relays to msnbc.com that “nothing changes spending habits more than fear.” If people are fearful about losing their job, they are more likely to hold onto their money rather than spend it.
Naroff also says he has seen no signs of any massive layoffs in the near future. With severe cuts already made and the remaining employees working as hard as they can, many companies have no room to cut the employees they have left. While they may be cautious about hiring additional employees, he says they are making no plans to cut their current list of workers.
Even if they may not be worried about losing their jobs, the Gallup poll observes that 44 percent of workers are worried that their benefits and wages may be cut.
Polling firm Ramusson Reports conducted a poll that directly contradicts Naroff’s assertions. Last month a Ramusson Reports poll revealed that 17 percent of workers said their firms were hiring, and 24 percent said their firm was laying people off.
On Wednesday job placement firm Challenger, Gray & Christmas announced that US employers would cut 51,114 workers in August.
(Smart Money) – GOOD MORNING. Stocks in Asia closed mixed today, European shares are mostly up, and U.S. futures are pointing to a mixed open. More disappointing news about the job market is expected today. The Bureau of Labor Statistics is scheduled to release the national unemployment rate for July at 8:30 a.m. Economists polled by Briefing.com expect a slight increase to 9.6% from 9.5% in June. So far, the unemployment rate has been above 9% for every consecutive month since May 2009. Private sector hiring will rank among the most significant factors in today’s report with Wall Street looking for signs of whether corporate America is starting to spend more heavily on new employee recruitment. The focus on the private sector underscores the role of job creation in the recovery, where more hires spurs consumers to spend.